New home equity data boosts homeowner confidence
See how your state’s market performed in 2019

Every quarter, CoreLogic publishes a detailed report on home equity distribution in each of America’s 50 states and the District of Columbia. In addition to their state-by-state breakdown, economists zero in on the country’s 10 major metro regions and provide a comprehensive ‘snapshot’ of the national average.

In short, the 2019 stats showed great promise for mortgage holders. Reporters for Realtor Magazine and HousingWire emphasized the widespread nature of equity growth across the country, while negative equity share has declined since 2018.

Looking forward to 2020, it’s important to understand single-family equity trends on both a micro and macro scale. Beyond your region’s year-over-year performance, Everest is taking a look at untapped opportunities available to homeowners in 2020. Considering 2019’s record-breaking numbers, could a home equity loan be in your future?
Proof in the percentage

In mid-December, CoreLogic released their 19Q3 findings, painting quite the pretty picture for current homeowners.

Since 18Q3, national home equity has risen 5.1%, which equals an average of $5.3k per property. Idaho, Wyoming and Utah topped the charts with an average gain of $23.7k, while Midwestern states like North Dakota and Illinois saw a modest $1.5k surge. CoreLogic bases its figures on public record and real estate databases, among other sources.

 

New year, new data

  • Accounting for 64% of all homeowners, mortgage holders enjoyed an average $5.3k equity increase from 18Q3 to 19Q3
  • Year-over-year single-family growth amounts to a total equity increase of almost $457B distributed across the U.S.
  • Since last year, the number of negative equity properties decreased by 210,000 or roughly 10%
  • As of December 2019, economists estimate only 3.7% of all mortgaged homes are under water
  • Despite low interest rates, only $54B in collective equity was tapped in 19Q1 (less than 1% of monies available

                                                                                                               **Visit Realtor MagazineETF Trends and HousingWire for more

 

Better to borrow

The numbers indicate low risk, high reward for today’s homeowners. Still, people have remained hesitant to borrow ever since the last recession. Instead of investing in home renovations, paying off medical expenses or slashing their credit card debt, the vast majority of homeowners leave usable equity on the table.

“Borrower equity rose to an all-time high in the first half of 2019 and has more than doubled since the housing recovery started,” says Frank Nothaft, Chief Economist at CoreLogic. “Combined with low mortgage rates, this rise in home equity supports spending on home improvements and may help improve balance sheets of households who could take out home equity loans to consolidate their debt.”

Depending on your existing mortgage(s) and local market conditions, your property could provide lucrative investment or refinancing opportunities in 2020. As always, Everest Equity guides your decision-making with the very best industry advice. As you weigh your options, be sure to consult the complete 19Q3 Home Equity chart by CoreLogic.

Home Equity Gains by State
Year over year, 18Q3-19Q3
  • Alabama – $5k
  • Alaska – $7k
  • Arizona – $15k
  • Arkansas – $4k
  • California – $2k
  • Colorado – $11k
  • Connecticut – $4k
  • Delaware – $3k
  • District of Columbia – $17k
  • Florida – $8k
  • Georgia – $7k
  • Hawaii – $7k
  • Idaho – $26k
  • Illinois – $1k
  • Indiana – $10k
  • Iowa – $3k
  • Kansas – $11k
  • Kentucky – $2k
  • Louisiana – $6k
  • Maine – *
  • Maryland – $6k
  • Massachusetts – $10k
  • Michigan – $7k
  • Minnesota – $8k
  • Mississippi – *
  • Missouri – $6k
  • Montana – $18k
  • Nebraska – $7k
  • Nevada – $8k
  • New Hampshire – $10k
  • New Jersey – $5k
  • New Mexico – $15k
  • New York – $4k
  • North Carolina – $8k
  • North Dakota – $1k
  • Ohio – $7k
  • Oklahoma – $3k
  • Oregon – $7k
  • Pennsylvania – $7k
  • Rhode Island – $4k
  • South Carolina – $7k
  • South Dakota – *
  • Tennessee – $7k
  • Texas – $5k
  • Utah – $21k
  • Vermont – *
  • Virginia – $9k
  • Washington – $7k
  • West Virginia – *
  • Wisconsin – $9k
  • Wyoming – $24k
*Data insufficient/unavailable

                                                                                                    **View the full map at Realtor Magazine

Everest says: it’s a fine state of affairs